Methanex (NASDAQ:MEOH) Now Covered by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $33.00 price objective on the specialty chemicals company’s stock.

Several other equities research analysts also recently commented on MEOH. Piper Sandler set a $48.00 target price on Methanex and gave the company an “overweight” rating in a report on Sunday, May 18th. UBS Group reduced their target price on Methanex from $51.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Barclays reduced their target price on Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, April 1st. Raymond James decreased their price objective on Methanex from $62.00 to $40.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada decreased their price objective on Methanex from $55.00 to $50.00 and set a “sector perform” rating for the company in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Methanex has a consensus rating of “Moderate Buy” and an average price target of $44.88.

Methanex Trading Down 1.8%

Shares of MEOH stock opened at $34.43 on Tuesday. The stock has a 50-day simple moving average of $31.44 and a 200 day simple moving average of $40.32. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The stock has a market capitalization of $2.32 billion, a P/E ratio of 14.90 and a beta of 0.93. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The business had revenue of $857.90 million during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business posted $0.65 earnings per share. Methanex’s revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts expect that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Monday, June 16th. Methanex’s dividend payout ratio is presently 24.83%.

Institutional Trading of Methanex

Institutional investors and hedge funds have recently modified their holdings of the company. Entropy Technologies LP acquired a new stake in Methanex in the 4th quarter valued at $240,000. Bank of New York Mellon Corp lifted its stake in shares of Methanex by 4,776.7% during the fourth quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock valued at $44,960,000 after acquiring an additional 881,823 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Methanex during the fourth quarter valued at $1,170,000. Parkside Financial Bank & Trust lifted its stake in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after acquiring an additional 573 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Methanex by 35.7% during the fourth quarter. US Bancorp DE now owns 18,840 shares of the specialty chemicals company’s stock valued at $941,000 after acquiring an additional 4,952 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.